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Quantstamp (QSP) is a groundbreaking security-auditing protocol designed to address the security challenges associated with smart contracts. The project's primary objective is to develop a scalable and cost-effective auditing system on the Ethereum network, effectively mitigating risks and enhancing security. By providing risk assessment and security services, Quantstamp paves the way for wider adoption of blockchain technology, safeguarding the decentralized internet against hacking and online theft.

The Quantstamp team is committed to the following key developments:

1. Quantstamp Validation Node: This specialized Ethereum client serves as the backbone of the protocol, ensuring the integrity and security of the network.

2. Security Library: Quantstamp has developed a comprehensive security library containing code for conducting automated checks. This library is instrumental in identifying vulnerabilities and potential risks within smart contracts.

3. Validated Smart Contracts: The protocol supports the creation of validated smart contracts capable of managing governance systems, implementing voting mechanisms, and facilitating bounty payments.

According to the Quantstamp whitepaper, the protocol leverages a distributed network of participants to counteract the influence of bad actors, establish effective governance, and harness the required computational power. These participants utilize QSP tokens for receiving, paying for, or improving verification services. The Quantstamp Protocol encompasses various participant roles, including contributors, bug finders, validators, contract users, contract creators, and voters.

Quantstamp's strategic approach revolves around building a foundational protocol that integrates seamlessly with the Ethereum platform, fostering a secure ecosystem. The Quantstamp services aim to conduct security checks in a trustless manner, enhancing the reliability of smart contracts. It is important to note that while the protocol cannot guarantee flawless code, it strives to deliver secure code through a combination of crowdsourcing and automated methods. The security protocol comprises an automatic software verification system that audits Solidity programs and an automatic bounty payout system that rewards participants for identifying vulnerabilities in smart contracts.

At the heart of the Quantstamp protocol lies the QSP token, the native cryptocurrency powering the ecosystem. This upgradable system features a governance framework managed by QSP token holders. The Quantstamp governance system plays a crucial role in protocol upgrades, reducing the likelihood of contentious forks and ensuring consistency among users.

Quantstamp was co-founded in June 2017 by Richard Ma, who currently serves as the CEO, and Steven Stewart. The founding team also includes esteemed members such as Ed Zulkoski, Dr. Vijay Ganesh, Dr. Vajih Montaghami, and Dr. Derek Rayside. These visionaries have brought together their expertise in security, blockchain, and software engineering to create a protocol dedicated to enhancing the security of smart contracts.

In summary, Quantstamp (QSP) stands as a pioneering protocol that addresses the security challenges faced by smart contracts. By leveraging scalable and cost-effective auditing systems, Quantstamp aims to foster a secure and reliable environment for blockchain technology. With the QSP token at its core, the protocol ensures efficient governance and incentivizes participants to contribute to the security of smart contracts. With a talented team driving its progress, Quantstamp continues to shape the future of secure smart contracts on the Ethereum network.